Hungary: Soybean Oil Market 2024

Soybean Oil Market Size in Hungary

For the fifth consecutive year, the Hungarian soybean oil market recorded growth in sales value, which increased by 17% to $X in 2022. In general, consumption, however, posted a buoyant increase. Over the period under review, the market reached the peak level in 2022 and is likely to see gradual growth in years to come.

Soybean Oil Production in Hungary

In value terms, soybean oil production expanded modestly to $X in 2022 estimated in export price. Over the period under review, production, however, saw significant growth. The pace of growth appeared the most rapid in 2014 when the production volume increased by 548% against the previous year. Soybean oil production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Soybean Oil Exports

Exports from Hungary

In 2022, exports of soybean oil from Hungary reduced notably to X tons, which is down by -15.3% compared with 2021 figures. Over the period under review, exports, however, continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 503%. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, soybean oil exports soared to $X in 2022. In general, exports, however, showed a significant increase. The pace of growth appeared the most rapid in 2014 when exports increased by 480% against the previous year. The exports peaked in 2022 and are likely to continue growth in years to come.

Exports by Country

Belgium (X tons), the Czech Republic (X tons) and Slovenia (X tons) were the main destinations of soybean oil exports from Hungary, together accounting for 63% of total exports.

From 2012 to 2022, the biggest increases were recorded for the Czech Republic (with a CAGR of +358.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for soybean oil exported from Hungary were Belgium ($X), the Czech Republic ($X) and Slovenia ($X), with a combined 63% share of total exports.

In terms of the main countries of destination, the Czech Republic, with a CAGR of +263.3%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average soybean oil export price stood at $X per ton in 2022, surging by 41% against the previous year. Overall, export price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, soybean oil export price increased by +101.9% against 2019 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Croatia ($X per ton) and Malaysia ($X per ton), while the average price for exports to the Czech Republic ($X per ton) and Germany ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Austria (+12.4%), while the prices for the other major destinations experienced more modest paces of growth.

Soybean Oil Imports

Imports into Hungary

In 2022, overseas purchases of soybean oil decreased by -61.7% to X tons, falling for the second consecutive year after three years of growth. In general, imports continue to indicate a perceptible setback. The pace of growth appeared the most rapid in 2015 when imports increased by 559% against the previous year. Over the period under review, imports attained the maximum at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, soybean oil imports shrank dramatically to $X in 2022. Overall, imports, however, posted a modest expansion. The pace of growth appeared the most rapid in 2015 with an increase of 432% against the previous year. Imports peaked at $X in 2021, and then declined rapidly in the following year.

Imports by Country

In 2022, Germany (X tons) constituted the largest supplier of soybean oil to Hungary, accounting for a 41% share of total imports. Moreover, soybean oil imports from Germany exceeded the figures recorded by the second-largest supplier, Belgium (X tons), twofold. Serbia (X tons) ranked third in terms of total imports with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany stood at +16.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+54.9% per year) and Serbia (-13.5% per year).

In value terms, Germany ($X), Belgium ($X) and Serbia ($X) were the largest soybean oil suppliers to Hungary, with a combined 82% share of total imports.

Belgium, with a CAGR of +59.0%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average soybean oil import price amounted to $X per ton, surging by 57% against the previous year. Overall, the import price showed a notable increase. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for Ukraine ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+10.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :